Luxury hotels branching out

11/11/2013 |

Panelists at Deloitte's 25th European Hotel Investment Conference say the luxury market is growing. Michael Glennie, president and chief operating officer of Fairmont Raffles Hotels International, said profit-optimizing requirements and prices in some cities are still hurdles though the company is expanding. "We were lucky to sell many assets at the real-estate peak of 2005 and 2006, and now we are in a good situation to plan on opening 50 to 55 properties over the next four or five years, mostly outside of North America. A key strategy is the focus on emerging nations, which requires less capital," he said.

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